Good credit score need a loan? - CCC Financial |
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| Credit scoring
All lenders will credit score you before they give you the money. Most lenders do not reveal their criteria and the eligibility questions will vary from lender to lender but generally you can expect to be asked: * if are you a home owner; * how long you have lived at the same address. * if you have any other form of credit. They will also check if you are on the electoral roll.Whether you get credit will depend upon the lender's requirements and whether your answers are acceptable. If, for example, you already have credit, you make your monthly payments on time and fit all the other criteria, the lender may agree to give you credit. If you have a bad credit history and have gone into arrears on any other payments then some lenders may decide not to give you the money. However, you are equally as likely not to get money if you have never had credit before because the lender cannot check whether you have managed credit well in the past. Lenders get their information from credit reference agencies. These agencies hold details of people's credit history. The lender does not have to give you a reason for turning you down for a loan but you do have a legal right to be given the name and address of the credit reference agency that they used. If you want to check with the credit agency about the information they hold about you, you should write to the lender within 28 days of your last contact with them. They have to reply within 7 days with the address of the credit agency. You can then write to the agency to find out what information is on your file and let them know if anything is incorrect. Good credit score need a loan |